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Govt tightens rules on yarn import

Sajjadur Rahman
The government has reinstated procedural restrictions on the import of yam through Benapole, following concerns of local millers and bankers.
“We got the National Board of Revenue (NBR) order in this regard Wednesday," said Abdul Kafi, commissioner for Benapole Customs House.
With the issuance of the new order, the import of yarn through Benapole would face tough procedural systems in customs, including inspection and bond licences.
“Certainly, this is a good move taken by the government. It will save the local industry.” said Abdul Hai Sarker, president of Bangladesh Textile Mills Association (BTMA).
In February 2006, the government imposed some conditions on the import of yam through Benapole Land Port. The imports were subject to yam count and chemical tests.
In July last year, the government relaxed those conditions. To take advantage of this, importers started buying
low-cost Indian yam, ignoring local spinners' production.
Local spinning mills, an estimated Tk 35,000 crore industry, are on the verge of losing business to imported yarn. Industry people say they have Tk 25,000 crore in unsold yam stocks, piled up in six months.
Banks, both private and government, are troubled because they have huge financial inter-dependence on 350 spinning mills across the country.
"The situation has created a chain effect -- on millers, backward linkages and banks,” said Khondker Fazle Rashid, managing director of Dhaka Bank.
"Already some payments due from millers have been delayed," admitted a top official of Sonali Bank, the largest bank in the country. “Some borrowers are demanding a reschedule of loan payback times."
The customs commissioner for Benapole however denied media reports on yam and termed the reports "motivated and intentional".
“We have records of yam worth only Tk 168 crore being imported from India
through Benapole between August 2008 and February 20, 2009," Kafi said. “The figure doesn't match with claims of yam stock lots worthTk25,000 crore."
The BTMA president, however, said strict scrutiny is needed. Many a time, unscrupulous traders import 25 tonnes against a LC worth 10 tonnes, in collaboration with corrupt customs officials, he alleged.
He said some traders also misuse the bond facility.
According to BTMA statistics, a total of 43 new spinning mills were set up in 2008, with 9,44,744 spindles. In 2007, 28 mills were installed with 4,42,848 spindles.
At present, the country has 341 spinning mills with annual production capacities of 1,600 million kilograms of yarn. According to Bangladesh Knitwear Manufacturers and Exporters Association, Bangladesh consumed 789.6 million kilograms of yam in fiscal 2007-08 against 658.5 million kilograms in fiscal 2006-07.
sajjad@thedailystar.net